Halifax News Update: Ex-CEO Stripped of Knighthood

Halifax news update: In June 2013, former ceo of Halifax, James Crosby, was stripped of the knighthood he was awarded in 2006 after he resigned the role.

Former chief executive of Halifax Bank of Scotland (HBOS) James Crosby had his knighthood stripped in reflection of the recent report detailing the deterioration of the bank.

“Crosby had his title taken away after requesting to have the honour removed, the Cabinet Office said on Wednesday. The move came after a scathing UK Parliamentary commission report into the collapse of the bank was released in April. Following that, Mr Crosby announced he would give up 30% of his £580,000-a-year pension and stood down from roles with catering firm Compass Group and private equity firm Bridgepoint.

He was given a knighthood after leaving HBOS in 2006, but following the report said he believed “it is right that I should now ask the appropriate authorities to take the necessary steps for its removal”. Responding to the findings of the commission he said it made for “very chastening reading”.

He added: “Although I stood down as CEO of HBOS in 2006, some three years before it was taken over by Lloyds, I have never sought to disassociate myself from what has happened.”

Mr Crosby added: “I am deeply sorry for what happened at HBOS.” For a knighthood to be withdrawn, the Honours Forfeiture Committee has to make a recommendation to the Prime Minister, who then passes it on to the Queen for a decision.

Last year former Royal Bank of Scotland boss Fred Goodwin was stripped of his knighthood after a report by the now defunct Financial Services Authority criticised him for his role after the bank collapsed with £24.1bn losses.”
Halifax have, since the Lloyds takeover success, reaffirmed themselves in the UK high street and are a constant presence once more. This is positive news for all involved with the bank, particularly since Crosby requested the removal of the knighthood himself – it is acknowledgement of his shortcomings and there are few things more appealing from a company.

For more information on the products and services offered by Halifax, contact them directly through their customer services department via the Halifax phone number. These telephone lines are populated with friendly and helpful customer service advisors who are keen to assist all customers new and old with all enquiries. The services offered by Halifax can also be found on the Halifax website, which dependent on your query may be able to answer your enquiry without you having to pick up the phone and speak with someone directly. All the number provided on the Customer Services Contact website are designed to connect you immediately through to the customer services department to ensure you receive the best, most efficient service possible.

Original article found at www.news.stv.tv.

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